Unless you have good business credit history and a high business credit score, you won’t have the easiest time getting approved for an instant business loan. There will still be other options worth looking into, but you’ll have to be patient.
Most direct lenders have pretty strict regulations, and while brokers might offer more solutions, they still might have restrictions by the lenders they are associated with. If you have good personal credit, there is always the option to apply for a personal loan or personal line of credit and use that to help you get started with your business. Just be very, very careful and make sure you don’t get in over your head.
Every business has its own needs, financial circumstances, and goals. To truly fuel your short-term and long-term growth, you need to select a funding option that will offer terms that are as favorable to you as possible. No matter how desperate you may feel, don’t make any sudden decisions without considering the pros and cons. Don’t take any chances of sacrificing long-term success for short-term funding that might result in even more money problems in the future.
A few options for you to consider when your business needs money include:
- Accounts receivable financing
- Commercial mortgage
- A business line of credit
- Merchant cash advance
- Crowdfunding
- Equipment financing (leasing or buying)
- Secured or unsecured business loans
Instant Business Loan May Not Be the Only Choice
No matter what you need the money for, if you don’t think you’ll qualify for an unsecured loan, then think very carefully before agreeing to put up collateral. Will a secured loan be the correct answer for you? What if you are unable to pay it back?
Crowdfunding will take some time, as it’s not an “instant business loan” type of option. It’s something that requires patience and a good marketing strategy. Unless your brand is capable of going viral overnight, it’ll take a while. There is also no guarantee that it will be successful at all. Some of it will require word of mouth.
Before filling out an application, be 100% certain that you have all of your information correct and ready to go. If you have a financial advisor or accountant, have them help you prepare. Whether you’re going to try and obtain an instant business loan, merchant cash advance, line of credit, or any other type of commercial financing, SuperMoney is an excellent place to start. It’s an actual “loan offer engine” that allows consumers to put out their applications and get pre-approved offers back from various lenders in real-time.